Granholm makes gift cards, certificates last 5 years in Mich.

LANSING -- Michigan's governor has signed legislation making stores accept gift cards and certificates for at least five years after selling them.

Jennifer Granholm announced the bill signings Monday.

The requirement applies only to new gift cards or certificates sold on or after Nov. 1 of this year, in time for the holiday shopping season.

The new law keeps stores from altering the terms or conditions of a gift certificate after it has been issued. The law also prohibits inactivity fees and other fees related to buying a gift certificate.

Stores also can't refuse to accept a gift certificate during a sale, closeout or liquidation.